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Today we’re checking up on setups that we’ve identified earlier this week.

Wanna see how GBP/USD and EUR/GBP have moved since the big Fed event yesterday?

Let’s check them out:

GBP/USD: 1-hour

GBP/USD 1-hour Forex Chart
GBP/USD 1-hour Forex Chart

Just yesterday we talked about GBP/USD hitting the channel resistance near the 100 and 200 SMAs.

Well, I hope you took short positions because the pound DROPPED like it was Lil Nas X sliding down a pole on the way to some Asgard-looking hell.

GBP/USD found support around the 1.3975 levels and it looks like it could be heading for the 1.4030 area near the 38.2% Fib retracement and the broken channel support.

I’m not seeing a lot of momentum, though, so the pound could still extend its losses against the dollar without seeing bigger retracements.

What do you think? Will we get a break-and-retest opportunity from Cable? Or will GBP/USD make new weekly lows and stay below the big 1.4000 psychological level?

EUR/GBP: 4-hour

EUR/GBP 4-hour Forex Chart
EUR/GBP 4-hour Forex Chart

Here’s a simple range play for ya!

EUR/GBP did bounce from the range support that we talked about earlier this week, but it encountered sellers around the 200 SMA and mid-range levels.

Euro bulls have another chance to buy the common currency this week now that EUR/GBP is back at the .8570 – .8580 range support area.

Of course, it doesn’t hurt that Stochastic is also back to hinting at EUR/GBP’s “oversold” prices.

If you’d rather sell the euro against the pound, then you can wait for a clear break below June’s lows and maybe target a trip to the .8550 or .8500 previous inflection points.